Economy News

Bloodbath at Blackberry

(Undated) -- Struggling smartphone maker BlackBerry is announcing plans to shed about 4,500 jobs as part of the company's restructuring.

The move comes as BlackBerry releases its Z30 phone in hopes it will revive its fortunes. The company was an early pioneer in producing phones that could access the Internet.

However, the surge of the iPhone and other brands of smartphone have all but stripped BlackBerry of its share of the market. The company expects to report a quarterly loss of between 950,000 and $1 billion.